Sequelize – Avoid named binding parameters when using sequelize.fn

I am using Sequelize 6.21.3 to access a MariaDB 10.8 database. In that database i have a Users table that contains a password column which is encoded with the SQL function ENCODE.

Now I’d like to update a user’s password via sequelize. I do the following:

user.update({
    password: sequelize.fn(
        "encode",
        password,
        "ENCODE_PASSWORD"
    )
});

However if the password contains a $ sign (like in "123$foo"), the update query results in an error:

Named bind parameter "$foo" has no value in the given object.

I understand that sequelize tries to fill the value of the $foo parameter, however $foo is not supposed to be a parameter, it is just a literal string.

How do I avoid this behavior?